January 15, 2010

The bill collector cometh

By Timothy Stull (http://www.fresh-start.co)

It is a pretty simple concept that will hold true for the next 2 to 3 years solid….banks have turned theselves into giant collection agencies. As the economy recovers gradually, banks will be prone to collect on past money instead of making money on new loans. Collections agencies and collection attorneys will be flooded with new paper to collect and service. They will constantly monitor progress of the growing economy and target debtors to attack. My personal concern is the growing “vulture debt” market….when distressed old debt is sold to investors. Investors will by this debt at 1 cent to 12 cents on the dollar typically. In turn, they try to collect on the full amount ~ bringing in quite the profit. There is no limit to the amount of times that a debt can be sold to a vulture debt buyer….this in turn can have serious negative effects on a credit report…as the old debt buyers do not remove old reporting. It will be quite a mess for many years to come.  You will need a direct defense plan if you run into grand collection issues.  If you have serious credit / debt issues, please feel free to call my toll free line for free advice ~ 877.297.7011. I, Timothy M. Stull, have over 22 years expience consulting clients with serious debt ssues. Best of luck to you!!

Be Sociable, Share!

Leave a Reply